Bitcoin Takes Breath After Sudden 23% Price Surge

Bitcoin's recent price surge has taken a breather as it holds steady around $79,000 after adding 23% in just seven days. The cryptocurrency took a dip of about 1.2% over the last 24 hours as traders likely took profits following its rapid ascent. This comes amidst firm underlying demand, however.

The U.S.-listed spot bitcoin ETFs have seen net inflows for a seventh consecutive day, taking in $314 million on Tuesday alone and bringing the month-to-date total to over $3 billion, according to SoSoValue data. Pedro Fontes, a research analyst at Mercado Bitcoin, identified $82,000 and $85,000 as potential resistance levels and predicted some consolidation would be natural after such a vertical advance.

The Crypto Fear & Greed Index jumped to 74 from 27 less than two weeks earlier before easing back. Other assets like gold are little changed near $4,630 an ounce, while Asian equities advanced and U.S. stock futures remain relatively stable ahead of key data releases and Nvidia's results.